Sync Accounting
113A Second St East V0E 2S0 Revelstoke, BC, Canada

Happy New Year! We hope that everyone is settling into 2021, we are excited to see what this year will bring! #happynewyear #2021

It's almost the end of the year for you sole-proprietors and business owners with December year ends. Here is a reminder to make sure you check your odometer to help you with tracking your total mileage for the year and if you hold inventory, it's a great time to do your inventory count.

Are you looking to repay CERB because your circumstances changed for the period you applied for or you later realized that you applied in error and you no longer qualify? The site below has all the details on how to make that repayment. https://www.canada.ca//apply-for-cerb-/return-payment.html Apply before December 31, 2020 so that your CERB repayments don’t appear on your T4A.

Did you receive the Canada Emergency Student Benefit (CESB)? The CESB is a taxable benefit and you should be expecting a T4A for the amount you received. No tax was withheld on this amount so start saving for your taxes if you haven’t already. And just like CERB, if you received an amount in error, it can be repaid at https://www.canada.ca//emergency-/cesb-return-payment.html

Have you been running payroll in 2020? Then you already know that it has gotten a lot more complex this year. To add to that complexity, 4 new codes have been added to your T4 reporting that include codes 57 to 60 to show employment income for periods between March 15 and September 26. Click the following link for more details https://www.canada.ca//covid-19-update/support-employers-c